For the first time in six years, Costco will hike the cost of its annual membership fee for individuals and businesses. The increased prices will go into effect June 1, 2017, the wholesale retailer announced on Thursday.

The raise will affect about 35 million members.

Here’s how much more you’ll be paying for your Costco membership:

Primary Costco Members

“Primary” Costco members (both individuals and businesses) pay $5 more, bringing the cost of an annual membership to $60.

Executive Costco Members

Members at the “Executive” tier, who earn 2 percent cashback on their purchases for the year, among other perks, will see their annual membership fee rise by $10 to $120. Executive members also receive discounts on Costco Services such as check printing, identity theft services and roadside assistance.

Perhaps to dull the sting of the higher membership fee, Costco has decided to raise the cap on the amount of cashback executive members can earn each year -- from a maximum of $750 to $1,000.

How to save on Costco shopping

Costco membership fees might be going up soon, but Costco members can recoup some extra funds and save money by using certain credit cards.

Costco’s Anywhere Visa card is a good option for frequent shoppers. The card has no annual fee and earns better rewards than its predecessor, including 2% back on Costco purchases, 4 percent on gas, 3 percent on restaurants and 1 percent on everything else.

MagnifyMoney is a price comparison and financial education website, founded by former bankers who use their knowledge of how the systems works to help you save money.